Germany · Delayed Price · Currency is EUR EnBW Energie Baden-Württemberg AG Earnings Call Transcripts
Fiscal Year 2025
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Strong 2025 results with adjusted EBITDA of EUR 5.1 billion, record investments, and a 6% dividend hike. Renewables now 66% of capacity, net debt fell to EUR 13 billion, and 2026 guidance targets up to EUR 5.1 billion EBITDA. Major grid and hydrogen investments support long-term growth.
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Adjusted EBITDA remained stable at EUR 3.6 billion, with strong grid performance offsetting weaker generation due to weather and market normalization. Investments rose 21%, net debt fell, and full-year guidance was reaffirmed, though project delays will shift CapEx into future periods.
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Solid H1 2025 results with EUR 2.4 billion adjusted EBITDA and 25% CapEx growth support full-year guidance. Grid and renewables drove earnings, while major investments and capital increase strengthen future growth and climate transition.
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Q1 2025 saw adjusted EBITDA rise 5% year-over-year to EUR 1.4 billion, with strong grid and renewables contributions. CapEx reached EUR 1.5 billion, and full-year guidance was confirmed. Net debt fell to EUR 13.5 billion, but is expected to rise by year-end.
Fiscal Year 2024
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Solid 2024 results with adjusted EBITDA of EUR 4.9 billion, driven by grid and renewables growth, and record investments over EUR 6 billion. Outlook for 2025 remains strong with continued high investment, robust regulated earnings, and a proposed dividend increase.
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Solid nine-month results with adjusted EBITDA of EUR 3.7 billion and net profit of EUR 1.3 billion, driven by strong grid and renewables performance. Capital spending surged 40% year-over-year, and full-year guidance is confirmed despite lower power prices and rising net debt.
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Solid H1 2024 results with adjusted EBITDA of EUR 2.6 billion and net profit of EUR 900 million, driven by strong grid and renewables performance. Full-year guidance is confirmed, with significant investments in green projects and hydrogen infrastructure supporting long-term growth.